DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Classification and Fair Value of Derivative Instruments

The following table summarizes the classification and fair values of derivative instruments on our Condensed Consolidated Balance Sheets:

	June 30, 2021
	Asset Derivatives			Liability Derivatives
(in millions)	Classification	Fair Value		Classification	Fair Value
Derivatives designated as hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$	24	Other accrued liabilities	$	(30)
Foreign currency exchange contracts	Other long-term assets	4		Other long-term obligations	—
Total derivatives designated as hedges		28			(30)
Derivatives not designated as hedges:
Foreign currency exchange contracts	Prepaid and other current assets	—		Other accrued liabilities	—
Total derivatives not designated as hedges		—			—
Total derivatives		$	28		$	(30)

	December 31, 2020
	Asset Derivatives			Liability Derivatives
(in millions)	Classification	Fair Value		Classification	Fair Value
Derivatives designated as hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$	—	Other accrued liabilities	$	(113)
Foreign currency exchange contracts	Other long-term assets	—		Other long-term obligations	(7)
Total derivatives designated as hedges		—			(120)
Derivatives not designated as hedges:
Foreign currency exchange contracts	Prepaid and other current assets	12		Other accrued liabilities	(1)
Total derivatives not designated as hedges		12			(1)
Total derivatives		$	12		$	(121)

Summary of Effect of Foreign Currency Exchange Contracts

The following table summarizes the effect of our foreign currency exchange contracts on our Condensed Consolidated Financial Statements:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Derivatives designated as hedges:
Gains (losses) recognized in AOCI	$	(16)	$	(42)	$	62	$	24
Gains (losses) reclassified from AOCI into product sales	$	(23)	$	18	$	(48)	$	45
Derivatives not designated as hedges:
Gains (losses) recognized in Other income (expense), net	$	(15)	$	(21)	$	19	$	3

Summary of Potential Effect of Offsetting Derivatives

The following table summarizes the potential effect of offsetting our foreign currency exchange contracts on our Condensed Consolidated Balance Sheets:

							Gross Amounts Not Offset on our Condensed Consolidated Balance Sheets
(in millions)	Gross Amounts  of Recognized Assets/Liabilities		Gross Amounts  Offset on our Condensed Consolidated Balance Sheets		Amounts of Assets/Liabilities Presented  on our Condensed Consolidated Balance Sheets		Derivative Financial Instruments		Cash Collateral Received/ Pledged		Net Amount  (Legal Offset)
As of June 30, 2021
Derivative assets	$	28	$	—	$	28	$	(19)	$	—	$	9
Derivative liabilities	$	(30)	$	—	$	(30)	$	19	$	—	$	(11)
As of December 31, 2020
Derivative assets	$	12	$	—	$	12	$	(12)	$	—	$	—
Derivative liabilities	$	(121)	$	—	$	(121)	$	12	$	—	$	(109)